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Period Homes Ltd. v. Wallick

Judicial estoppel did not bar a Chapter 11/Chapter 7 debtor from bringing a breach of contract suit based on his failure to amend his schedule of assets since the debtor did not mislead the bankruptcy court or benefit from the omission of his claim.

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We granted certiorari in Wallick v. Period Homes Ltd., 252 Ga. App. 197 555 SE2d 863 2001, to answer this question: Does the doctrine of judicial estoppel automatically bar the debtor from bringing a breach of contract action when the debtor did not list the cause of action as a separate asset in its Chapter 11 schedule of assets Finding that the Court of Appeals was correct in answering this question in the negative, we affirm.

In 1991 Wallick began Chapter 11 bankruptcy proceedings. Among his scheduled assets were two lots located in Fulton County. As debtor-in-possession, he contracted with Christian & Associates now Period Homes for the sale of the lots for $800,000. Thereafter, Period Homes terminated the sales contract in a manner that Wallick alleges was improper and a breach of the contract. Wallick did not amend his Chapter 11 schedule of assets to include the potential breach of contract claim against Period Homes.

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